Offbeat Energy prices rise strong inflation rate over 4 percent
How Government Could Make the Inflation Problem Worse
With politically damaging price increases showing no signs of easing, it may be tempting to take counterproductive measures.Ben: The inflation news we got yesterday isn’t ideal. The price of seemingly everything in America, from rent to furniture to cars, is still rising, with an overall 5.4 increase from a year ago — the highest yearly spike since 2008. This has dashed consumers’ (and the Biden administration’s) hopes that such price increases, which are directly connected to Covid economic aftershocks, would fade quickly.
increased energy prices continue to heat inflation in Germany. For the first time for almost 28 years, the annual income rate in September exceeded the four-percent mark.
Consumer prices climbed 4.1 percent compared to the same month of the previous year, as the Federal Statistical Office announced. The Wiesbaden authority confirmed preliminary data. A four before the comma was recently determined in December 1993 with 4.3 percent. Compared with August, consumer prices remained unchanged in September.
Fact check: Viral image does not show gas prices the day Biden took office
A regular gallon of gas wasn't below $2 the day Biden took office, and presidents have little influence over fuel costs, contrary to one viral post.Experts say presidents have little control over gas and diesel prices, but that hasn't stopped this narrative from spreading during Biden's first year in office.
High Energy Prices
Especially for energy consumers in September had to reach much deeper into the bag as a year earlier (plus 14.3 percent). Fuel oil was reduced by 76.5 percent within one year. Sprit cost 28.4 percent more. Also, the prices for natural gas (plus 5.7 percent) and electricity (plus 2.0 percent) were attracted. The inflation has been fueled by increased energy prices for some time. Global demand is great in view of the economic recovery after the burglary in the corona crisis.
Essential for the increase in energy prices «were basic effects, as we compare the current prices with the very low prices of the previous year. The CO2 levy introduced at the beginning of the year also increases in particular increasing the inflation rate of energy products, "explained the statisticians. In Germany, 25 euros per ton of carbon dioxide have been due since January, which arises when burning diesel, gasoline, fuel oil and natural gas. The prices for foods also increased by 4.9 percent in September.
Meanwhile, the redemption of the temporary VAT reduction of the second half of the year 2020 is fully carried out. Since January, the normal value-added tax rates apply again. Goods and services are therefore tendenced more expensive. Higher inflation weakens the purchasing power of consumers because they can buy for a euro then less than before.
Daily on Energy: Natural gas reduction of power emissions has run its course .
Subscribe today to the Washington Examiner magazine and get Washington Briefing: politics and policy stories that will keep you up to date with what's going on in Washington. SUBSCRIBE NOW: Just $1.00 an issue! © Provided by Washington Examiner DOE Default Image - July 2021 POWER SECTOR EMISSION REDUCTIONS GET HARDER: The easy part is over for reductions in power sector emissions, and if trends continue, they could flatline, the conservative ClearPath Foundation warns in a new report out this morning.